+
3 Tutorials that teach Defining public and private and the “tragedy of the commons”
Take your pick:
Defining public and private and the “tragedy of the commons”

Defining public and private and the “tragedy of the commons”

Author: Justin Tapp
Description:
This lesson will explain Defining public and private and the “tragedy of the commons”
(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

25 Sophia partners guarantee credit transfer.

221 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 20 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial

Notes on "Defining public and private and the 'tragedy of the commons'"

Terms to Know

Private Goods

A good that can be limited and therefore exclusive, and available for only limited consumption, and therefore rivalrous.

Public Goods

A good that is considered both non-rivalrous and non-exclusive.

Club Goods

Goods that are excludable and non-rivalrous.

Common Goods

Shared good that is available to all members of a community.

Free-rider

An individual who consumes more of a common good, decreasing the opportunity of another individual to consume their proportionate share.

Excludability

A good that is accessible to all individuals, but requires payment or special access.

Rivalry

Once a good is consumed, it is no longer available for consumption by another individual.